First, the franchise tag is essentially a one-year qualifying offer in which the team agrees to pay the player the average of the five largest Prior Year Salaries for players at the position or 120% of his prior year’s salary, whichever is greater.

There are two designations of the franchise tag. Exclusive and non-exclusive.

The Bills did not disclose whether they used the non-exclusive or exclusive franchise tag. The non-exclusive franchise tag still allows other clubs the opportunity to sign Byrd to an offer sheet and gives the Bills the right to match any offer. If Byrd is signed by another club and Buffalo chooses not to match the Bills would be awarded a pair of first round draft choices from the club that signed Byrd.

The exclusive franchise tag prohibits any other club from negotiating with Byrd.

The Bills also have the opportunity to negotiate with Byrd’s camp in an effort to sign him to a long term contract extension up until July 15th.